Since the beginning of this year, institutional investors have conducted intensive research on listed small and medium-sized banks. According to the analysis, as of now, seven listed small and medium-sized banks, including Hangzhou Bank, Ningbo Bank, Qilu Bank, Qingdao Bank, Qingnong Commercial Bank, Suzhou Bank, and Zijin Bank, have received a total of 20 institutional surveys this year. The research content shows that topics such as credit allocation, asset quality, and spread management have attracted much attention. From the responses of various banks, it can be seen that the strategic paths of small and medium-sized banks are diverging into two clear main lines: one is to consolidate the business foundation centered on interest rate differentials and asset quality internally, and the other is to explore new growth drivers based on regional endowments and intermediary businesses as breakthroughs externally. At present, institutional investors including insurance, funds, securities, trusts, etc. frequently conduct research on small and medium-sized banks to seek "stability" internally and build a solid foundation for high-quality development. In the eyes of industry insiders, the core driving factor lies in the rediscovery of the "low valuation+high profit resilience" allocation value of small and medium-sized banks. Xue Hongyan, a special researcher at Su Shang Bank, stated that currently, some high-quality small and medium-sized banks have demonstrated relative advantages in stabilizing interest margins and optimizing asset quality through clear regional strategies, and their generally lower valuations have also increased their attractiveness. At the same time, policy support from regulatory authorities in capital replenishment, local debt resolution, and other areas has reduced market concerns about the uncertainty of small and medium-sized bank operations, catalyzing institutional research enthusiasm. In institutional research, multiple institutions are paying more attention to the measures taken by banks in interest margin management. Zijin Bank stated that it will continue to strengthen its interest margin management by adjusting its asset liability structure, reducing costs and increasing efficiency, and enhancing comprehensive income. Qingnong Commercial Bank stated that the bank's interest rate spread will remain relatively stable month on month in 2025, and looking ahead to 2026, there is still room for debt cost reduction, and the trend of interest rate spread stabilization is expected to be maintained. Asset quality is also a direction of concern for institutions. Qingdao Bank and Suzhou Bank continue to strengthen the control of credit asset quality, and indicators such as non-performing loan ratio and provision coverage ratio continue to show a good trend. Suzhou Bank will continue to improve its comprehensive risk management system of "full caliber, full coverage, full process, and full cycle", continuously optimize credit policies and approval strategies, strengthen the tracking, monitoring, and inspection frequency of various businesses, and timely prevent and resolve related risks. Qingdao Bank will also strengthen risk prevention and control, standardize business management, and strive to maintain a stable and positive trend in asset quality. On the path of capital replenishment, tapping inward has become a consensus. Both Qingnong Commercial Bank and Ningbo Bank emphasize the fundamental role of endogenous capital in capital supplementation, and promote high-quality development through endogenous growth. Ningbo Bank stated that, given the current regulatory requirements for refinancing, endogenous capital will create greater value for the company's development. The bank will continue to strive to improve performance and maintain steady growth of endogenous capital. Yang Haiping, a researcher at the Shanghai Institute of Finance and Law, stated that institutional investors are no longer satisfied with surface data, but are delving deeper into the real capabilities of banks in strategic execution, liability management, risk resistance, and capital endogeneity. Although the growth rate of scale is still important, the industry consensus has shifted towards' profit quality is greater than scale growth rate '. ”Xue Hongyan said that this is due to the changing industry environment, and simple scale expansion is difficult to sustain. Seeking external breakthroughs to create a new engine of differentiated competition. On the basis of building a solid development bottom line, how to achieve business breakthrough growth for listed small and medium-sized banks is another focus of attention for institutional investors. From the bank's response, it appears that multiple banks are fully committed to immersing themselves in the regional economic context, adhering to differentiated business strategies, and exploring new sources of income. The "Investor Relations Activity Record Form" disclosed by the aforementioned seven banks noted that the "Credit Allocation Plan" is almost a "mandatory question" that needs to be answered in response to institutional research. Although each bank follows the macro guidance of the "Five Great Articles" of finance and increases support for the real economy, the specific implementation process is combined with regional key industry planning and major projects, which is highly local. For example, Qingdao Bank is deeply cultivating local advantageous tracks such as "Blue Ocean"; Qingnong Commercial Bank focuses on the innovative "10+1" industrial system in Qingdao and accurately explores the financing needs of the upstream and downstream of the manufacturing industry chain; Zijin Bank continues to deepen its mechanism of small and scattered operations. Overall, bank credit allocation is shifting from homogeneous competition to differentiated layouts that are deeply integrated with local industrial planning. Wealth management has also become one of the key tools for strategic transformation of many banks. In 2026, Qingnong Commercial Bank will focus on building a wealth management system and take multidimensional measures to enhance wealth generation; Suzhou Bank will deepen its wealth management business and focus on customer centered asset allocation. In Xue Hongyan's view, the key anchor point for bank valuation is shifting from "expansion speed" to "net interest margin, non interest income" and other profitability quality; Transitioning from "traditional business" to characteristic tracks such as "inclusive and green finance"; Shift from relying on "regional total volume" to delving deeper into the service capabilities of "segmented customer groups". These determine whether banks can achieve quality and sustainable growth, and are the key to winning in differentiation. Small and medium-sized banks with well-established corporate governance systems, clear strategies, sound risk control, and strong digital capabilities are expected to run out of the second growth curve and deliver impressive results in terms of operating performance and stock price performance. ”Yang Haiping said. (New Society)